The cost of the future submarine project has been much discussed in the press.

ASPI's earlier estimate of $36 billion has become a frequently used number, but often without proper context.

This short paper explains that there are many possible prices for the future submarine, and the actual cost will be determined by choices that are made about the boat's capability and size. If the submarine is something less than the specifications in the white paper, the cost could be substantially lower.

*Please note some minor revisions were made to this paper 23 March 2012.